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2025-08-31-accounts

Company number: 06037771 Charity number: 1118966

The Galilee Foundation

Report and financial statements For the year ended 31 August 2025

The Galilee Foundation is registered in England and Wales under

Charity Commission number 1118966 and Companies House number 06037771

Address: 1 Gough Square, London, EC4A 3DE Telephone: +44 20 7993 8355 Email: info@galileefoundation.org.uk

www.galileefoundation.org.uk

The Galilee Foundation

Contents

For the year ended 31 August 2025

Reference and administrative information ......................................................................................... 1 Trustees’ annual report ....................................................................................................................... 3 Independent auditor’s report ........................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) ................... 19 Balance sheet .................................................................................................................................... 20 Statement of cash flows .................................................................................................................... 21 Notes to the financial statements ..................................................................................................... 22

The Galilee Foundation

Reference and administrative information

For the year ended 31 August 2025

Company number 06037771
Charity number 1118966
Registered office The Galilee Foundation
and operational 1 Gough Square,
address London, EC4A 3DE
United Kingdom
Country of England & Wales
registration
Country of United Kingdom
incorporation
Trustees Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Marwan Bishara
Sawsan Asfari
Leila Garadaghi
Yousef Bazian
Khalil Jahshan
Katherine Bucknell
Advisory Board Advisers do not have any formal legal responsibilities. The advisers who only
offer advice and support are as follows:
David Freeman Legal adviser
Dina Bseisu Adviser
Key Management Marwan Bishara Chairman
personnel Sawsan Asfari Executive Director
Maha Al Farra Managing Director
Bankers Europe Arab Bank plc
35 Park Lane
Mayfair
London
W1K 1RB
Metro Bank
One Southampton Row
London, WC1B 5HA

1

The Galilee Foundation

Reference and administrative information

For the year ended 31 August 2025

Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditors 110 Golden Lane London EC1Y 0TG

2

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

The trustees present their report and the audited financial statements for the year ended 31 August 2025

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Trustees and organisational structure

Trustees of the Galilee Foundation serve until they stand down. New trustees are nominated to fill specific gaps identified by the Trustees. When new Trustees are appointed, they are provided with the information they need to fulfil their roles, which includes information about the role of Trustees and charity law. Trustees receive updates, progress reports and publications on a regular basis.

The Trustees currently meet virtually twice yearly to govern and monitor the progress of the Charity. They are also in touch regularly on email and video conference calls. The policies and procedures are reviewed and updated regularly. The Trustees delegate the day-to-day running of the charity to the Foundation’s office in London. The Trustees confirm that they have complied with the Charities Act 2006

Maha Al Farra, the Managing Director, Dianne Woodward, administrative officer and Clare Roberts, Grants officer continued in their roles. In December 2024, Peter Treganna was taken on to the payroll as Financial Controller and continues to manage the Foundation’s finances monthly. Kamaljit Bedi joined the team as a freelance promotions and marketing consultant in January. The employees’ work continues to be overseen by the Co-Founder, Executive Director and Trustee Sawsan Asfari. Marwan Bishara, Chairman and Co-Founder, also lends support via a monthly Zoom meeting with the office team.

Grant making policy

The Foundation receives project proposals, however its current projects have been solicited and developed together with the partner organisations. The Foundation drafts agreements that specify the responsibilities of its partners and the schedule of reporting. Partners are required to submit narrative and financial reports at least once per year. Our Managing Director and Grants officer both have had regular meetings with partners to monitor progress. For sustainability of projects’ achievements, the Foundation seeks to develop longstanding partnerships while maintaining rigorous monitoring and evaluation procedures.

3

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

Partner Due Diligence

We have been strengthening our partner due diligence framework since the introduction of GF’s formal policy document in 2019. We now require initial operational and financial assessments to be prepared for all new partners before we enter any grants arrangements or memoranda of understanding. We regularly monitor progress of programmes and utilise a Monitoring and Evaluation framework for the assessment and internal audit of our partners. Due to current events in Palestine/Israel since October 7[th] , 2023, we have further revised and tightened our due diligence on donations and donors as well as partners to satisfy enhanced bank requirements and to comply with anti-money laundering and antiterrorism legislation. We continue to conduct ongoing due diligence on existing partners on an annual basis and when their governing personnel change.

Remote Working

Although the covid induced lockdown officially ceased in June 2021, Galilee Foundation staff have continued to use remote working as the norm throughout the reporting period, for convenience and preference. These measures have not adversely impacted our day-to-day operational activities, since much of the work is done digitally anyway. In some ways it has proven beneficial since employees do not have to be based in London. The absence of the daily commute also affords more time for a better work-life balance. The challenge to coordinate remote digital working and recreate the mutually supportive office atmosphere in order to maintain morale and productivity has been achieved with frequent virtual meetings, both regular and ad hoc, between staff, trustees, partners and volunteers etc using different digital tools depending on the reason for communication and the personnel involved. In some ways productivity has been increased because there is more freedom to choose the hours worked. This change has also resulted in a cost saving from no longer paying to rent an office.

Fundraising Events

Our fundraising events in this reporting year were crowned by a highly successful Gala in May 2025 as well as participation in the Royal Parks Half Marathon in October 2024 and Christmas Big Give in December 2024. We also held several well attended film screenings followed by Q&A with the directors. Additionally, one of our supporter fundraisers ran a marathon and raised funds from his own network.

Principal Risks and Uncertainties

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to reduce and mitigate the exposure to risks. A cash flow summary is kept and regularly reviewed and updated. The Trustees have identified the following as

4

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

the principal risks facing the Foundation and have controls in place for their active management:

Objectives and activities

The Galilee Foundation’s objectives are to further such charitable objectives as the Trustees in their absolute discretion think fit and include the following:

(1) To advance the education at all levels of Palestinians in or living in Israel and the Palestinian territories, regardless of gender or faith, in particular but not exclusively by organising and encouraging education, culture, heritage, art, science and research initiatives;

(2) To relieve the poverty of Palestinians in or living in Israel and the Palestinian territories, regardless of gender or faith, in particular but not exclusively by the provision of advice, training and support.

5

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

The Galilee Foundation’s general areas of operation are Israel and the occupied Palestinian territories. This reporting period saw the Foundation plan to continue its work with three UK registered charities providing support to beneficiaries in or displaced from Gaza.

To work towards these objectives, the Foundation identifies and makes grants to registered, reputable, non-political, and non-sectarian charitable organisations and research institutions for existing or new projects that meet the Foundation’s objectives. These policies have not changed during the year.

In deciding what activities the charity should undertake, the Trustees have paid due regard to guidance issued by the Charity Commission including with respect to public benefit.

Statutory Declaration

The Trustees have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission PB1, PB2, and PB3.

The Galilee Foundation’s vision is to contribute to breaking the cycle of poverty and inequality faced by many Palestinian citizens of Israel as well as those in the occupied Palestinian territories. The Foundation believes strongly that access to education is the key to making this vision a reality.

Fundraising Statement

The Galilee Foundation is able to harness the goodwill and incredible generosity of donors from across the world through the work we undertake to provide Higher Education and other forms of educational support to Palestinian youth. We generate funds from a wide range of UK and international donors. This includes individual one-off donations, regular donations, institutional funding as well as Gift Aid. These funds are raised by the trustees, staff, volunteers and individuals who fundraise in support of the Galilee Foundation. The Galilee Foundation received several generous donations from foundations such as the Asfari Foundation and Arab Centre Research and Policy Studies to support its projects. We also received generous donations from those who took part in or supported our fundraising events. The Galilee Foundation also received a small amount of income from our online boutique.

We communicate regularly with our supporters through newsletters, appeals, social media and emails. We provide a comprehensive picture of our activities on our website at: www.galileefoundation.org.uk as well as our social media channels and we are available to support via phone or email.

The Galilee Foundation is registered with the Fundraising Regulator and works in a way that is compliant with the Code of Fundraising Practice.

6

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

We have not received any complaints relating to fundraising. Should this happen, GF employees will record this digitally and discuss with our trustees to review.

The staff manage and monitor the fundraising work undertaken by others. Any volunteer or freelancer that works with us is required to sign a Confidentiality Agreement which we implemented in 2019. The staff also conduct informal interviews and induction of activities with all new volunteers.

Project Activities 2024-25

The Galilee Foundation seeks to bring meaningful change to young Palestinians living in Israel and Palestine, particularly through its support for scholarships, training, and access to educational and cultural activities.

In the 2024-25 financial year the Foundation renewed its support to a number of its existing partners, also making several grants to new partners.

7

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

Future Plans

In 2025-26, the Foundation plans to continue its support for scholarships and civil society benefitting Palestinian young people, increasing its support for a number of Palestinian civil society organisations working in Israel and Palestine. It will also work to strengthen its growing Alumni Network of graduates from its flagship scholarship programme, which is now over 1300 strong. More generally, the Foundation will continue to support educational

8

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

initiatives for Palestinians students and young people affected by the increasingly challenging environment in which they live, as they seek to build strong foundations for their futures and in their wider societies.

In terms of fundraising, we will continue to develop our fundraising strategy with the aim of diversifying our funding to include more online and virtual events and a wider selection of live events throughout the coming year. We will continue to reach out to appropriate trusts and foundations internationally and we plan to increase the number of regular donors through greater engagement with the wider community. In Jan 2026, the foundation hired an Events Organiser with the aim of developing solid systems and processes in place to both raise funds and educate the UK public.

The Foundation continues to conduct strategic reviews to ensure that its donations help those in need most effectively and we are currently working on updating our strategy with regard to the future development of the Foundation.

As the situation in Israel and Palestine in particular and the Middle East in general develops in a dangerous and uncertain manner, the Galilee Foundation will need to continue to be flexible to adapt to the challenges ahead, and the impacts these will have on operations in general and fundraising in particular. Without being cynical we must encourage all stakeholders to recognize any possible opportunities in adversity and contribute innovative ideas for fundraising or to raise awareness, regardless of the conditions under which we will work this coming year. We also need to support our partners as they grapple with the local challenges that lie ahead, some of which are yet unpredictable. Finally, we must recognize that it is our beneficiaries, the young people whose lives we aim to change for the better, who are most impacted by our success or failure and do everything in our power to ensure their success.

Financial Review

The Foundation continues to receive interest payments from the generous investment fund donated by the State of Qatar for the provision of university scholarships.

For the financial year ended 31 August 2025, the Foundation’s total income was $3,052,732. While this represents a decrease from the exceptional prior year ($3,782,753), it reflects a stabilisation of core funding streams and successful targeted fundraising, which includes $366,445 generated through trading activities and events, primarily the event Gaza in Our Hearts held during the year.

Total expenditure for the year was $3,257,249, of which $3,040,730 was applied directly to charitable activities. The Foundation maintains a lean operational structure, ensuring that the vast majority of resources reach our partners and students in the field. The Scholarship Programme remains the Foundation’s core project, whilst the ACA Building project was the

9

The Galilee Foundation

For the year ended 31 August 2025

Trustees’ annual report

largest expenditure incurred. The doubtful debt provision from 2024 has been written back as the debt was paid in 2025/2026.

Overall the results for the year were consistent with the budget.

Investment Policy

The Galilee Foundation has an Investment Committee comprised of the Chairman, Executive Director and a Trustee with over three decades of financial experience. The Investment Committee advises the board on appropriate investments, monitors performance, recommends the appointment of advisers, liaises with advisers, and reports to the board. The Investment Committee also manage the investment portfolio on a low risk, low volatility basis, with a view to generating income over the long term. Before each investment or de-investment decision is made, the investment committee consults with at least three outside financial advisors to ensure maximum diligence.

The Foundation’s investment portfolio, valued at $1,587,706 at year-end, is managed to provide long-term capital growth and income. During the year, the portfolio generated $234,557 in dividends and interest from bank deposits. The Trustees review the investment strategy annually to ensure it remains aligned with the Foundation’s risk appetite and ethical objectives.

The objective of the Foundation’s current investments portfolio is to ensure capital preservation and generate investment income by seeking to produce financial returns at an acceptable low level of risk. The Investment Fund is in a separate account and this year remained invested in a bond, and blue-chip shares. After the year end, and following the maturity of the bond, the investment committee decided to realise the remaining shares, and have invested the proceeds in a long-dated (16/04/2050) sovereign bond which provides a return of 4.4% ($148,060 p.a.) based on the nominal value (4.98% based on cost), with a maturity value of US$3,365,000. The committee have decided that for the time being any available surplus funds will be held in bank deposits. These currently provide returns in the range 2.99% to 3.20%.

The interest on the investment of this fund is used primarily for supporting the Foundation’s Scholarship Programme.

Reserves Policy and Going Concern

Reserves Policy

The Trustees maintain a reserves policy to protect the charity’s core activities against income volatility and to ensure the continuity of multi-year scholarship commitments. As of 31 August 2025, the Foundation held total funds of $6,170,130, categorised as follows:

10

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

The Trustees aim to hold general reserves equivalent to 12 months of core operating expenditure to avoid closure if funding difficulties were to happen to the Foundation. It has been calculated that reserves of $194,185 would be needed to continue operating at a minimal level for at least 12 months.

The Board of Trustees consider that any reserves held above that level are available to be used to increase the number of students supported under the Scholarship program, or new programs arising during the following years.

Current levels exceed this target, providing a buffer against the significant geopolitical and economic uncertainties currently affecting our areas of operation. When these uncertainties reduce these reserves will be used to support, restore and develop the communities affected.

The Foundation plans its fundraising in advance having a 24-month view of cash flow.

The trustees have reviewed the circumstances of the Galilee Foundation and consider that adequate resources continue to be available to fund its activities for the foreseeable future, with the Balance Sheet showing Net Current Assets of $4,580,979.

Going Concern

The consequences of the election of the far-right government in Israel and the current war in Gaza alongside uncertainties with respect to possible regional escalation as well as the constraints on our fundraising and banking activities in the UK have added an extra layer of unpredictability. The Managing Director, Executive Director and Chairman have considered possible scenarios and strategies and are confident that adjustments to our activities can mitigate against the possibility of being unable to temporarily function in any capacity to meet our objects.

there are no material concerns currently regarding our operations. We will continue to monitor the situation on the ground with our partners and respond accordingly.

11

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

Audit information

The Trustees confirm that there is no relevant information of which the charitable company’s auditor is unaware. The Trustees have taken all reasonable steps to make themselves aware of any relevant audit information.

Remuneration policy for key management personnel

The Trustees consider the board of Trustees and the senior management team the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All trustees give their time freely and no trustee received remuneration in the year. No trustees’ expenses were paid during the year, and this is disclosed in note 6 to the accounts, and related party transactions are disclosed in Note 7.

The financial year began with three part-time employees and two external consultants and finished with four part-time employees and one external consultant. Their pay is determined by the Executive Director and Chairman.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Galilee Foundation for the purposes of company law) are responsible for approving the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are

12

The Galilee Foundation

Trustees’ annual report

For the year ended 31 August 2025

also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £100 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 August 2024 was 6 (20223:7). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 14[th] April 2026 and signed on their behalf by

Sawsan Asfari Executive Director & Trustee

13

Independent auditor’s report

to the members of

The Galilee Foundation

Opinion

We have audited the financial statements of The Galilee Foundation (the ‘charitable company’) for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Galilee Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

14

Independent auditor’s report

to the members of

The Galilee Foundation

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

15

Independent auditor’s report

to the members of

The Galilee Foundation

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

16

Independent auditor’s report

to the members of

The Galilee Foundation

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

17

Independent auditor’s report

to the members of

The Galilee Foundation

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano FCA (Senior statutory auditor) 22 May 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

18

The Galilee Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2025

Note
Income from:
2a
2b
2b
2c
2d
11
3a
9
5
14a
Reconciliation of funds:
Provision for bad & doubtful
debts
Donations and legacies
Charitable activities
Scholarship programme
Net gains on investments
Net income before net (losses) /
gains on investments
Total funds carried forward
Other projects
Raising funds
Total expenditure
Charitable activities
Scholarship programme
Other projects
Investments
Total income
Expenditure on:
Other trading activities
Other trading activities
Other Income
Net (expenditure)/income before
other recognised gains and
losses
Gains on foreign exchange
Transfers
Net movement in funds
Total funds brought forward		 Unrestricted
$ 168,792
-
34,710
25,664
1,524
234,557		 Restricted
$ 480,423
36,452
1,729,829
340,781
-
-		 2025
Total
$ 649,215
36,452
1,764,539
366,445
1,524
234,557		 Unrestricted
$ 947,893
-
-
146,858
-
242,574		 Restricted
$ 202,057
66,778
2,176,593
-
-
-		 2024
Total
$ 1,149,950
66,778
2,176,593
146,858
-
242,574
465,247 2,587,485 3,052,732 1,337,325 2,445,428 3,782,753
479,061
1,295
89,829
360,217
-		 -
-
506,259
2,084,425
(263,836)		 479,061
1,295
596,088
2,444,642
(263,836)		 168,449
1,266
97,093
376,961
-		 -
-
531,127
1,590,264
263,836		 168,449
1,266
628,220
1,967,225
263,836
930,401 2,326,848 3,257,249 643,769 2,385,227 3,028,996
(465,154)
10,695		 260,637
-		 (204,517)
10,695		 693,556
41,874		 60,201
-		 753,757
41,874
(454,459)
199,352
(351,451)		 260,637
-
351,451		 (193,822)
199,352
-		 735,430
127,552
(183,804)		 60,201
-
183,804		 795,631
127,552
-
(606,558)
4,939,313		 612,088
1,225,287		 5,530
6,164,600		 679,178
4,260,135		 244,005
981,282		 923,183
5,241,417
4,332,755 1,837,375 6,170,130 4,939,313 1,225,287 6,164,600

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14a to the financial statements.

19

The Galilee Foundation

Balance sheet

Balance sheet
As at 31 August 2025 Company no. 06037771
Note
Fixed assets:
9
10
Current assets:
11
Liabilities:
12
13a

Investments
Cash at bank and in hand
Tangible Fixed Assets
Debtors
Restricted funds
Total Unrestricted Funds
Unrestricted funds
Designated funds
General funds
Total charity funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets		 $ 384,065
4,565,360		 2025
$ 1,587,706
1,445		 $ 66,849
3,633,032		 2024
$ 2,577,011
916
1,589,151
4,580,979		 2,577,927
3,586,673
4,949,425
368,446		 3,699,881
113,208
2,111,800
2,220,955
6,170,130 6,164,600
1,837,375
4,332,755		 1,225,287
2,167,201
2,772,112
4,939,313
6,170,130 6,164,600

Approved by the trustees on 14th April 2026 and signed on their behalf by

Mrs S Asfari Trustee

20

The Galilee Foundation

Statement of cash flows

For the year ended 31 August 2025

Note
$ $ 5,530
(as per the statement of financial activities)
Depreciation
5
560
(Gains) from foreign exchange
(199,352)
(Gains) on investments
9
(10,695)
Dividends and interest from investments
(234,557)
(Increase)/Decrease in debtors
11
(317,216)
Increase in creditors
12
255,238
(500,492)
234,557
10
(1,089)
-
9
1,000,000
1,233,468
732,976
3,633,032
199,352
4,565,360
Analysis of cash and cash equivalents
At 31 August
2024
Cash flows
$ $ Cash in hand
3,633,032
732,976
Total cash and cash equivalents
3,633,032
732,976
Proceeds from sale of fixed assets
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents at the end of the
year
Change in cash and cash equivalents in the
year
Change in cash and cash equivalents due to
exchange rate movements
Cash flows from operating activities
Net income for the reporting period
Net cash provided by investing activities
2025
Net cash (used in) / provided by operating
activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of fixed assets		 Note
$ $ 5,530
(as per the statement of financial activities)
Depreciation
5
560
(Gains) from foreign exchange
(199,352)
(Gains) on investments
9
(10,695)
Dividends and interest from investments
(234,557)
(Increase)/Decrease in debtors
11
(317,216)
Increase in creditors
12
255,238
(500,492)
234,557
10
(1,089)
-
9
1,000,000
1,233,468
732,976
3,633,032
199,352
4,565,360
Analysis of cash and cash equivalents
At 31 August
2024
Cash flows
$ $ Cash in hand
3,633,032
732,976
Total cash and cash equivalents
3,633,032
732,976
Proceeds from sale of fixed assets
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents at the end of the
year
Change in cash and cash equivalents in the
year
Change in cash and cash equivalents due to
exchange rate movements
Cash flows from operating activities
Net income for the reporting period
Net cash provided by investing activities
2025
Net cash (used in) / provided by operating
activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of fixed assets		 Note
$ $ 5,530
(as per the statement of financial activities)
Depreciation
5
560
(Gains) from foreign exchange
(199,352)
(Gains) on investments
9
(10,695)
Dividends and interest from investments
(234,557)
(Increase)/Decrease in debtors
11
(317,216)
Increase in creditors
12
255,238
(500,492)
234,557
10
(1,089)
-
9
1,000,000
1,233,468
732,976
3,633,032
199,352
4,565,360
Analysis of cash and cash equivalents
At 31 August
2024
Cash flows
$ $ Cash in hand
3,633,032
732,976
Total cash and cash equivalents
3,633,032
732,976
Proceeds from sale of fixed assets
Cash and cash equivalents at the beginning of
the year
Cash and cash equivalents at the end of the
year
Change in cash and cash equivalents in the
year
Change in cash and cash equivalents due to
exchange rate movements
Cash flows from operating activities
Net income for the reporting period
Net cash provided by investing activities
2025
Net cash (used in) / provided by operating
activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of fixed assets		 $ $ 923,183
1,278
(127,552)
(41,874)
(242,574)
273,861
77,791
864,113
242,574
-
405
-
242,979
1,107,092
2,398,388
127,552
3,633,032
Other
changes
At 31 August
2025
$ $ 199,352
4,565,360
199,352
4,565,360
2024		 $ $ 923,183
1,278
(127,552)
(41,874)
(242,574)
273,861
77,791
864,113
242,574
-
405
-
242,979
1,107,092
2,398,388
127,552
3,633,032
Other
changes
At 31 August
2025
$ $ 199,352
4,565,360
199,352
4,565,360
2024
(500,492)
1,233,468
732,976		 864,113
242,979
1,107,092
At 31 August
2024
$ 3,633,032		 Other
changes
$ 199,352
3,633,032
199,352		 2,398,388
127,552
4,565,360 3,633,032
Cash flows
$ 732,976		 At 31 August
2025
$ 4,565,360
3,633,032 732,976 199,352 4,565,360

21

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

1 Accounting policies

a) Statutory information

Galilee Foundation is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address and principal place of business is 1 Gough Square (c/o the Arab British Centre) London EC4A 3DE.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Functional and presentation currency

These financial statements are presented in US$, which is the Company’s functional currency.

d) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

e) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities

Revenue grants are credited to the statement of financial activities when received or receivable whichever is earlier. Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

22

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

1 Accounting policies (continued)

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

▪ Raising Funds 10%
▪ Scholarship programme 50%
▪ Other projects 40%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £750. Depreciation is charged on a straight line basis at 25%

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

23

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

1 Accounting policies (continued)

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

r) Financial instruments

s) Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net incoming resources for the year.

24

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

2a
Donations re: Scholarship Programme
Donations
2b Income from charitable activities
The Asfari Foundation
The Amjad & Shua Bseisu Foundation
Physics X
Goldman Sachs Charitable Gift Foundation
Arab Center for Research and Policy
2c
Event Tickets
Fundraising Auction income
Sale of goods
2d
Insurance claims
Income from donations
Income from trading
Other income		 Unrestricted
$ -
168,792		 Restricted
$ 64,898
415,525		 2025 Total
$ 64,898
584,317		 Unrestricted
$ -
947,893		 Restricted
$ 63,128
138,929		 2024 Total
$ 63,128
1,086,822
168,792 480,423 649,215 947,893 202,057 1,149,950
Unrestricted
$ -
-
-
-
34,710		 Restricted
$ -
12,540
23,912
100,147
1,629,682		 2025 Total
$ -
12,540
23,912
100,147
1,664,392		 Unrestricted
$ -
-
-
-
-		 Restricted
$ 62,336
-
-
-
2,181,035		 2024 Total
$ 62,336
-
-
-
2,181,035
34,710 1,766,281 1,800,991 - 2,243,371 2,243,371
Unrestricted
$ 23,774
-
1,890		 Restricted
$ 134,744
206,037
-		 2025 Total
$ 158,518
206,037
1,890		 Unrestricted
$ 145,630
-
1,228		 Restricted
$ -
-
-		 2024 Total
$ 145,630
-
1,228
25,664 340,781 366,445 146,858 - 146,858
Unrestricted
$ 1,524		 Restricted
$ -		 2025 Total
$ 1,524		 Unrestricted
$ -		 Restricted
$ -		 2024Total
$ -

25

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

3a Total resources expended (current year)

Staff costs (Note 6)
Audit and accountancy
Administration expenses
Grants to institutions (Note 4)
Bad debt provision (Note 11)
Bank & foreign exchange charges
Purchase of goods for resale
Fundraising costs
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Raising
funds
$ -
-
-
-
-
-
1,295
461,095		 Charitable Activities
Scholarship
programme
Other
projects
$ $ -
-
-
-
-
-
506,259
2,372,779
-
(263,836)
-
-
-
-
506,259
2,108,943
74,544
59,635
15,285
12,228
596,088
2,180,806
628,220
2,231,061		 Charitable Activities
Scholarship
programme
Other
projects
$ $ -
-
-
-
-
-
506,259
2,372,779
-
(263,836)
-
-
-
-
506,259
2,108,943
74,544
59,635
15,285
12,228
596,088
2,180,806
628,220
2,231,061		 Governance
Costs
$ -
30,569
-
-
-
-
-		 Support
Costs
$ 118,840
4,488
18,967
-
-
6,793
-		 2025
Total
$ 118,840
35,057
18,967
2,879,038
(263,836)
6,793
1,295
461,095		 2024
Total
$ 131,975
27,217
27,764
2,420,678
263,836
7,229
1,266
149,031
462,390
14,909
3,057		 506,259
74,544
15,285		 2,108,943
59,635
12,228		 30,569
-
(30,569)		 149,088
(149,088)
-		 3,257,249
-
-		 3,028,996
-
-
480,356 596,088 2,180,806 - - 3,257,249 -
169,715 628,220 2,231,061 - - 3,028,996

26

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

3b Total resources expended (prior year)

Staff costs (Note 6)
Audit and accountancy
Administration expenses
Grants to institutions (Note 4)
Bad debt provision (Note 11)
Bank & foreign exchange charges
Purchase of goods for resale
Fundraising costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
$ -
-
-
-
-
-
1,266
149,031		 Charitable Activities
Scholarship
programme
Other
projects
$ $ -
-
-
-
-
-
531,127
1,889,551
-
263,836
-
-
-
-
-
-
531,127
2,153,387
89,730
71,784
7,363
5,890
628,220
2,231,061
755,775
928,344		 Charitable Activities
Scholarship
programme
Other
projects
$ $ -
-
-
-
-
-
531,127
1,889,551
-
263,836
-
-
-
-
-
-
531,127
2,153,387
89,730
71,784
7,363
5,890
628,220
2,231,061
755,775
928,344		 Governance
Costs
$ -
14,726
-
-
-
-
-
-		 Support
Costs
$ 131,975
12,491
27,764
-
-
7,229
-
-		 2024
Total
$ 131,975
27,217
27,764
2,420,678
263,836
7,229
1,266
149,031		 2023
Total
$ 101,805
25,465
25,988
1,541,863
-
4,804
1,307
13,173
150,297
17,945
1,473		 531,127
89,730
7,363		 2,153,387
71,784
5,890		 14,726
-
(14,726)		 179,459
(179,459)
-		 3,028,996
-
-		 1,714,405
-
-
169,715 628,220 2,231,061 - - 3,028,996 1,714,405
30,286 755,775 928,344 - - 1,714,405

27

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

4
5
▪
▪
▪
Mada Al-Carmel: Arab Centre for Applied Social Research – to support research
project
Adalaha Legal Centre
Net outgoing for the year
Yaffa Youth Movement Association (YYMA)
The Arab Culture Association: to support the Scholarship Programme
Challenge to Change - Galilee Foundation She Codes programme
Al-Quds University Economic Empowerment Strategy - Youth Economic
Empowerment
Shubbak Festival
Baladna Assoc.: Core funds
Hanoon Foundation (was FMQS) - Supporting Gazan Medical Students
Mada Al-Carmel: Arab Centre for Applied Social Research – Core funds
Ajyal Foundation for Education
Depreciation
Under-provision for prior years audit fees
Total grants for the year
Grant making
Cost
Mada Al-Carmel: Arab Centre for Applied Social Research – to support PhD
students
This is stated after charging:
Operating lease rentals:
Property
Auditor's remuneration (excluding VAT):
Audit (current year provision)
The Arab Culture Association: to support the Alumni Programme
The Arab Culture Association: New Building Programme
International Medical Education Trust 2000 (IMET2000) Prosthetic Limbs Project
Friends of Bethlehem UK - Palestine Vision event		 2025
Grants to
institutions
$ 115,475
187,453
77,500
96,660
506,259
-
1,389,000
20,532
183,741
127,092
2,489
-
32,358
-
40,000
100,479		 2024
Grants to
institutions
$ 113,000
75,500
-
531,127
39,791
1,000,000
-
367,482
-
97,417
98,608
2,762
25,000
69,991
2,879,038 2,420,678
2025
$ 560
-
22,281
8,594		 2024
$ 1,278
6,034
10,395
30,875 10,395

28

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

6 Staff costs and numbers

Staff costs were as follows:

Staff costs were as follows:
Staff costs and numbers
Salaries and wages
Redundancy costs
Social security costs
Total emoluments paid to staff were:
Staff pension costs		 2025
$ 112,001
4,228
-
2,611		 2024
$ 121,565
4,759
2,691
2,960
118,840 131,975
112,001 124,256

No employee earned more than $81,023 during the year (USD equivalent of GBP 60,000) (2024: $78,781).

The total employee benefits including pension contributions of the key management personnel were $67,647 (2024: $62,359).

The average weekly number of employees (head count based on number of staff employed) during the period was 4 (2024: 4).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: $nil). No charity trustee received payment for professional or other services supplied to the charity (2024: $nil).

There were no trustees' expenses relating to attendance at meetings of the trustees.

7 Related party transactions

During the year donations totalling $0 (2024: $62,336) were received from The Asfari Foundation. The Asfari Foundation is a related party as Mrs Sawsan Asfari, a trustee of Galilee Foundation, has majority control over the Asfari Foundation with her immediate family members. Grants from the Asfari Foundation funded grants to the Arab Cultural Association (Scholarship Fund) as well as to fund the Galilee Foundation's organisational development and capacity building in accordance with the conditions of the donations.

In 2025 the charity paid $1,575 (2024: $6,034) to the Asfari Foundation in respect of the rental of office space.

In 2025 $82,060 (2024: $104,151) was received from Goldman Sachs Gives on a recommendation from the Fadi Abuali Annual Giving Fund. Mr Abuali is the husband of Leila Garadaghi, a trustee of the Galilee Foundation

Other aggregate donations from related parties were $69,392 (2024: $58,399).

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

29

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

9 Investments

Investments
2025 2024
$ $
Fair value at the start of the period 2,577,011 2,535,137
Additions - -
Disposal proceeds (1,000,000) -
Net change in fair value 10,695 41,874
Fair value at the end of the period 1,587,706 2,577,011

Historic cost: The historic cost of investments held at 31 August 2025 was $1,588,099 (2024: $2,518,499)

The investments comprise an Ooredoo Intl Finance Ltd bond and publicly listed shares in Royal Dutch Shell plc, Gilead Sciences Inc, GlaxoSmithKline plc, Johnson & Johnson Inc, Pfizer Inc, Viatris Inc., and Haleon plc. During the year the Qatar National Bank bond matured and the disposal proceeds are shown above.

10 Tangible fixed assets

gible fixed assets
At the end of the year
Cost
At the start of the year
Additions in year
Disposals in year
Eliminated on disposal
At the end of the year
Charge for the year
At the end of the year
Net book value
At the start of the year
Depreciation
At the start of the year		 Fixtures and
fittings
2025
$ 6,640
1,089
-		 2024
$ 7,525
-
(885)
7,729 6,640
5,724
560
-		 4,926
1,278
(480)
6,284 5,724
916 2,599
1,445 916

All of the above assets are used for charitable purposes.

30

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

11 Debtors: amounts falling due within one year

Debtors: amounts falling due within one year
Prepayments
Accrued income
Provision for bad debts
Trade debtors		 2025
$ 175,204
-
208,861
-		 2024
$ -
-
330,685
(263,836)
384,065 66,849

In 2024 a provision for bad debts was made against Accrued income and relates to a grant from Arab Center for Research and Policy, for the Al-Quds University - Youth Economic Empowerment programme. There was objective evidence of impairment due to age of the balance. The provision was for a specific amount identified as likely to be irrecoverable. In 2025 it was confirmed that the total amount would be paid in 2026, so the provision has been written back in 2025.

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
written back in 2025.
Accruals
Grants payable
Trade creditors		 2025
$ 2,413
75,004
291,029		 2024
$ 2,126
98,608
12,474
368,446 113,208

13a Analysis of net assets between funds (current year)

Fixed assets
Net current assets
Net assets at 31 August 2025
Investments		 General
unrestricted
$ 1,587,706
1,445
631,804		 Designated
$ -
-
2,111,800		 Restricted
$ -
-
1,837,375		 Total funds
$ 1,587,706
1,445
4,580,979
2,220,955 2,111,800 1,837,375 6,170,130

Of the General Unrestricted Funds $2,111,800 are designated meaning that the charity has commited these funds to future projects. 13b Analysis of net assets between funds (prior year)

Net current assets
Fixed assets
Investments
Net assets at 31 August 2024		 General
unrestricted
$ 2,577,011
916
194,185		 Designated
$ -
-
2,167,201		 Restricted
$ -
-
1,225,287		 Total funds
$ 2,577,011
916
3,586,673
2,772,112 2,167,201 1,225,287 6,164,600

31

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

14a Movements in funds (current year)

a
Movements in funds (current year)
i
ii
iii
iv
v
vi
vii
viii
ix
x
Total restricted funds
Unrestricted funds:
Designated fund
Yaffa Youth Movement Association
Gazan projects
Baladna - Association for Arab Youth
General funds
Laptops for West Bank & Gaza
Mada Al-Carmel - Core Funds
Al-Quds Youth Economic
Empowerment
Building Project - Arab Cultural
Association
Galilee Foundation - UK Funds
Scholarship Program - (Fondation
Orangeade, Enlightenment
Productions, The Amjad & Suha Bseisu
Foundation, PhysicsX Ltd, & GiftAId)
Alumni Programme (Open Society
Foundations)
Restricted funds:		 At 31 August
2024
$ 54,982
-
-
3,400
246,477
916,589
-
-
-
3,839
 Income &
gains
$ 165,207
100,147
64,898
-
-
1,281,412
130,005
662,753
94,717
88,346		 Expenditure
& losses
$ (187,453)
-
(506,259)
-
80,095
(1,389,000)
(127,092)
(96,660)
(100,479)		 Transfers
$ -
(100,147)
441,361
-
-
-
-
-
1,943
8,294		 At 31
August
2025
$ 32,736
-
-
3,400
326,572
809,001
130,005
535,661
-
-
1,225,287 2,587,485 (2,326,848) 351,451 1,837,375
2,167,201
2,772,112		 -
675,294		 (930,401)
-		 875,000
(1,226,451)		 2,111,800
2,220,955
6,164,600 3,262,779 (3,257,249) - 6,170,130

The restricted funds are held for the following purposes:

32

The Galilee Foundation

Notes to the financial statements

For the year ended 31 August 2025

14a Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes of The Galilee Foundation. They are expendable at the discretion of the Trustees in furtherance of the charity's objects. Some of the projects supported using these funds in the year included: a PHD program of Mada Al-Carmel, the Subbak Festival, the Adalh Law Centre, a work readiness & employability program for students, The Hanoon Foundation which supports Gazan medical students impacted by the war on Gaza.

Designated funds represent the value of future commitments to scholarship students & other projects which do not meet the accounting criteria for inclusion as a liability, but which the charity is likely to need to pay out to existing students, and ongoing current and future projects.

14b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Unrestricted funds:
Mada Al-Carmel - Core Funds
Scholarship Program - (Arab Cultural
Association, Ferial & Mohamed Abuali
Scholarship, Open Society)
Building Project - Arab Cultural
Association
Galilee Foundation - UK Funds
Restricted funds:
General funds
Hewar Daycare - reallocated to Mada
Al-Carmel - Core Funds
Baladna - Association for Arab Youth
Alumni Programme (Open Society)
Al-Quds Youth Economic
Empowerment
Designated funds:		 At 1
September
2023
$ 7,000
-
-
43,191
877,795
50,000
-
3,296
981,282		 Income &
gains
$ 110,982
223,937
123,386
-
-
-
1,916,589
70,534
2,445,428		 Transfers
$ $ (113,000)
50,000
-
(223,937)
(531,127)
407,741
(39,791)
-
(631,318)
-
-
(50,000)
(1,000,000)
-
(69,991)
-
(2,385,227)
183,804
-
797,516
(643,769)
(981,320)
(3,028,996)
-
Expenditure
& losses		 At 31
August
2024
$ 54,982
-
-
3,400
246,477
-
916,589
3,839
1,225,287
1,369,685
2,890,450		 -
1,506,751		 -
(643,769)		 797,516
(981,320)		 2,167,201
2,772,112
5,241,417 3,952,179 (3,028,996) - 6,164,600

15 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Operating lease commitments
The charity's total future minimum lease payments under non-cancellable operating
the following periods:		 leases is as follows for each of leases is as follows for each of
Less than one year
One to five years		 2025
2024
$ $ -
525
-
-
-
525
Property
- 525

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £100.

33